ROKU, INC (ROKU): restructuring charge — Roku to cut 10% of workforce, record up to $265M in impairment and restructuring charges, lowers Q3 outlook

ROKU, INC

Workforce reduction affecting ~10% of employees; restructuring charge estimated $45M-$65M.
Impairment charges: $160M-$200M for office facilities, $55M-$65M for content removal.
Q3 FY2023 revenue guidance revised to $835M-$875M; adjusted EBITDA now -$40M to -$20M.
Majority of charges expected in Q3 2023; workforce reduction substantially complete by Q4 2023.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ROKU, INC announced a restructuring with charges of $45 million to $65 million (approximately 10% of the Company’s employees).

Type: restructuring
Charge: $45 million to $65 million
Headcount: approximately 10% of the Company’s employees

Exact text from the filing

The workforce reduction is expected to impact approximately 10% of the Company’s employees. The Company expects to record a restructuring charge related to the workforce reduction, primarily consisting of severance and benefits costs, in a preliminary estimated range of $45 million to $65 million.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ROKU, INC announced a impairment with charges of $55 million to $65 million affecting content portfolio.

Type: impairment
Charge: $55 million to $65 million
Affected area: content portfolio

Exact text from the filing

an impairment charge in a preliminary estimated range of $55 million to $65 million related to removing select existing licensed and produced content from Company-operated services on its TV streaming platform

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ROKU, INC announced a impairment with charges of $160 million to $200 million affecting office facilities.

Type: impairment
Charge: $160 million to $200 million
Affected area: office facilities

Exact text from the filing

in the third quarter of fiscal 2023 the Company expects to record an impairment charge in a preliminary estimated range of $160 million to $200 million related to ceasing to use certain office facilities

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ROKU, INC filing history →

Source: SEC EDGAR

accession 0001193125-23-228986

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